Its definitely a model that would be typically used in a student rental market, but I would have never thought to use it for career schools such as a military occupational specialty school.

I have an Excel model that spits out cash on cash return and yield (includes mortgage paydown) both come out with a significantly higher rate of return on a 30 year then a 15 year.

I ultimately decided that I didn't like the business model enough.

You need to define what your business model is before anyone can answer your question

I'm guessing BP model has added $500 of other expenses to get you to -$350/mo. 

Subpar management just leaves room to come in and bring the business model up to market standard revenues and occupancy. 

Unfortunately, (or fortunately, depending how u look) prices are rising faster than rent and I cannot find more properties that fit this model.

The home is essentially in good shape but dated as it's about 20 years old or so and could use some modern upgrades but it was the model home so it has features like granite counter tops, dual pane windows, French doors, etc...

I'd invest it into 4-5 airbnb properties using the Airbnb Arbitrage model with other people's properties and then scale from the cashflow going forward. 

There are other models that could work like a cooperative or even some kind of subdivision or something like that but that also can be a headache.I am generally not opposed to the idea because I think it could help some of the issues millennials are having to break into home ownership.